Local Firms Power Nigeria’s Oil Sector Revival, NUPRC Boss Says

Mrs Oritsemeyiwa Eyesan, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, highlighted the growing role of nearly 100 indigenous companies in Nigeria’s oil and gas industry at the 2026 Offshore Technology Conference in Houston. She noted that gas flaring has dropped below 10% as Nigeria pushes for zero flaring by 2030 and net-zero emissions by 2060. Flare gas is now being commercialised and converted into energy, with potential to generate up to three gigawatts of electricity. Eyesan described the Petroleum Industry Act as a “game changer” that has improved regulatory clarity and boosted investor confidence. The 2025 bid round drew nearly 300 applicants for about 50 assets, reflecting strong market interest. Downstream reforms, including subsidy removal, are accelerating the shift to alternative fuels like compressed natural gas. Industry leaders say higher refining capacity will cut import dependence and strengthen Nigeria’s energy security.

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